Financial Statements from Adjusted Trial Balance Worksheet

Jan 2nd, 2014
Anonymous
Category:
Art Design
Price: $10 USD

Question description

Prepare Financial Statements from Adjusted Trial Balance Worksheet (110 pts)

The 2012 year-end adjusted balances taken from the general ledger of Cooperstown Services, Inc. are listed below in general ledger order.

Coopertown Suppliers, Inc.

DR

CR

Cash

$12,950

Accounts receivable

28,150

Supplies

8,400

Prepaid insurance

9,500

Land

115,000

Buildings

360,000

Equipment

260,000

Accumulated depreciation

$239,900

Accounts payable

35,300

Salaries payable

7,300

Taxes payable

Common stock

5,200

31,500

Additional paid-in capital – Common

Retained earnings

15,400

427,600

Dividends

25,400

Service revenue

475,000

Salaries expense

335,600

Depreciation expense

25,100

Supplies expense

12,950

Insurance expense

8,200

Miscellaneous expense

30,850

Utilities expense

5,100

Total

$1,237,200

$1,237,200

Transfer these accounts and balances to a spreadsheet worksheet and prepare an Income statement, a Classified Balance Sheet, and a Statement of Retained Earnings all in good form using proper headings for each statement. Note that Cooperstown is a service company so there is no cost of goods sold in its chart of accounts. Also, assume that all the liabilities are current liabilities. Keep in mind that you should not report any accounts without balances in your statements.


Tutor Answer

(Top Tutor) johnalia
School: Boston College

Studypool has helped 1,244,100 students

Review from student
Anonymous
" Top quality work from this guy! I'll be back! "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1825 tutors are online

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors